Cryptocurrency Lolcows

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millais said:
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Absolutely disgusting
 
Rudy from the Magic The Gathering salt thread has some things to say about cryptocurrency. I unironically watch Rudy for market philosophy stuff.
 
AnOminous said:
How old is that picture? I doubt those would even be worth the electricity today even if you got them for free.
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Probably a few weeks old at least, because it's really hard to find even one high-end GPU right now thanks to people like this. It raises a ton of questions, though. "Have they considered the electricity" is one of them. "Are they aware that the GPU is only one part of a functioning computer" is another. "How did two people with such extreme :autism: manage to find each other and start a relationship" is, perhaps, the most pressing of all. Or maybe that's "where'd these retards get all the money to buy these in the first place". Those 1080 Ti cards are almost $1000 a piece.

They could make a pretty good profit by flipping these cards on eBay, though. I've seen people buying 1070/1080 cards for almost double what they were a month ago, thanks to the shortage. They won't do that, though. They'll mine BitCoin, ultimately lose money when the cost of the GPUs and electricity is included, but sell the BitCoin they did make to buy a fridge or something and piss off everyone else by going off on frequent long rants about how BitCoin is great and wonderful because look at this fridge they bought.
 
AnOminous said:
C


They congregate on the worst forum ever invented, Bitcointalk.
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Hoooooly SHIT!

That place is some HIGH QUALITY CRAZY.

Bitcoin really changes my life. When Bitcoin comes in my life it’s turning point of my life. I never spend day without bitcoin. With the help of BTC I can make my dreams come true. Not only Bitcoin gives me positive vibes but also, it’s give me purpose to live life. Bitcoin taught me so many life lessons. Like how to deal with failure.
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I can't add anything to this. It's perfect.
 
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I have only noticed my response was rated autistic 6 times. That's ok, in my first year of crypto trading I have made over 40k, as a novice. Crypto is not that tulip thing, or pyramid or whatever else, it's a fucking technology and we live in the age of technology. You lot remind me of people who had the same things to say when IBM introduced first PC and said every one will own one someday. Or when people said why would I need to connect to the internet via dial up, wait and spend money on connection to access the news when I can just go and buy a newspaper in a kiosk downstairs. You guys sound exactly the same. Too bad I wasnt smart enough to invest few k 7 or 8 years ago, but it's still not too late.
Now, who are you exactly trying to convince that crypto is a bubble? Yourself? People who think that gambling or pyramid schemes are a waste of time don't spend time posting about it on online forums.
 
RussianBlonde said:
I have only noticed my response was rated autistic 6 times. That's ok, in my first year of crypto trading I have made over 40k, as a novice. Crypto is not that tulip thing, or pyramid or whatever else, it's a fucking technology and we live in the age of technology. You lot remind me of people who had the same things to say when IBM introduced first PC and said every one will own one someday. Or when people said why would I need to connect to the internet via dial up, wait and spend money on connection to access the news when I can just go and buy a newspaper in a kiosk downstairs. You guys sound exactly the same. Too bad I wasnt smart enough to invest few k 7 or 8 years ago, but it's still not too late.
Now, who are you exactly trying to convince that crypto is a bubble? Yourself? People who think that gambling or pyramid schemes are a waste of time don't spend time posting about it on online forums.
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what
 
RussianBlonde said:
Now, who are you exactly trying to convince that crypto is a bubble?
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"Crypto" itself isn't a bubble. It's just an idea that has been kicked around for decades and has finally found practical application.

You'd have to be out of your mind not to recognize that cryptocurrencies have had repeated bubbles though.
 
RussianBlonde said:
I have only noticed my response was rated autistic 6 times. That's ok, in my first year of crypto trading I have made over 40k, as a novice. Crypto is not that tulip thing, or pyramid or whatever else, it's a fucking technology and we live in the age of technology. You lot remind me of people who had the same things to say when IBM introduced first PC and said every one will own one someday. Or when people said why would I need to connect to the internet via dial up, wait and spend money on connection to access the news when I can just go and buy a newspaper in a kiosk downstairs. You guys sound exactly the same. Too bad I wasnt smart enough to invest few k 7 or 8 years ago, but it's still not too late.
Now, who are you exactly trying to convince that crypto is a bubble? Yourself? People who think that gambling or pyramid schemes are a waste of time don't spend time posting about it on online forums.
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Is that you, Sergey?
 
RussianBlonde said:
I have only noticed my response was rated autistic 6 times. That's ok, in my first year of crypto trading I have made over 40k, as a novice. Crypto is not that tulip thing, or pyramid or whatever else, it's a fucking technology and we live in the age of technology. You lot remind me of people who had the same things to say when IBM introduced first PC and said every one will own one someday. Or when people said why would I need to connect to the internet via dial up, wait and spend money on connection to access the news when I can just go and buy a newspaper in a kiosk downstairs. You guys sound exactly the same. Too bad I wasnt smart enough to invest few k 7 or 8 years ago, but it's still not too late.
Now, who are you exactly trying to convince that crypto is a bubble? Yourself? People who think that gambling or pyramid schemes are a waste of time don't spend time posting about it on online forums.
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Let me break down for you why your line of thinking makes you prime discussion material for this thread.

Cryptocurrency is an attempt to have two irreconcilable things: no governing body and finite amount of money.

By default, those two concepts clash, because SOME governing body had to decide how said limit on whatever cryptocurrency is set to, so the deregulation has already been defeated as a goal to some degree.

Another weakness is that this is a currency that is like a religion, even more so than tangible fiat currency, because while all currencies have value because of collective belief in their value, it's even worse with cryptocurrency because their value is pegged to something even less stable than faith in a government or a resource like gold, silver, water, or whatever else you want to back it with that is tangible.

The value in this case being computer technology that has been proven to have recurring issues with management, distribution, and scaling in both mining and transaction fees no matter what computer coin we are referring to, and the basis is just that: Computers.

If the computers die, you're fucked completely, whereas if you peg currency to silver or faith in a government and it's state economy, it will still have value so long as the silver is recognized as a medium of exchange or the economy of said government remains healthy, and while you can bank on the computers not dying, they will eventually die a lot sooner than silver markets or any half competent state backed economy.

I don't deny cryptocurrency would be a good SUPPLEMENTARY currency, but anyone who considers it a replacement for any primary currency needs to quit huffing their own farts, because given how hideously unstable it's proven to be so far, it's not a sane long-term investment with a reasonable chance it will still be valuable after a few dozen years, at least not as is currently implemented.
 
GethN7 said:
Let me break down for you why your line of thinking makes you prime discussion material for this thread.

Cryptocurrency is an attempt to have two irreconcilable things: no governing body and finite amount of money.

By default, those two concepts clash, because SOME governing body had to decide how said limit on whatever cryptocurrency is set to, so the deregulation has already been defeated as a goal to some degree.

Another weakness is that this is a currency that is like a religion, even more so than tangible fiat currency, because while all currencies have value because of collective belief in their value, it's even worse with cryptocurrency because their value is pegged to something even less stable than faith in a government or a resource like gold, silver, water, or whatever else you want to back it with that is tangible.

The value in this case being computer technology that has been proven to have recurring issues with management, distribution, and scaling in both mining and transaction fees no matter what computer coin we are referring to, and the basis is just that: Computers.

If the computers die, you're fucked completely, whereas if you peg currency to silver or faith in a government and it's state economy, it will still have value so long as the silver is recognized as a medium of exchange or the economy of said government remains healthy, and while you can bank on the computers not dying, they will eventually die a lot sooner than silver markets or any half competent state backed economy.

I don't deny cryptocurrency would be a good SUPPLEMENTARY currency, but anyone who considers it a replacement for any primary currency needs to quit huffing their own farts, because given how hideously unstable it's proven to be so far, it's not a sane long-term investment with a reasonable chance it will still be valuable after a few dozen years, at least not as is currently implemented.
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I understand, and fyi I dont even watch any of the crypto cows you mention, there is a difference however between mocking some youtube morons and mocking the whole crypto market.

As for "computers" what are you exactly referring to? Desktop wallets? Internet? Blockchain? Actual machinery?
How are computers supposed to die? If it internet that dies everywhere and for ever then we are fucked regardless since everything relies on electronic data today. Do you actually physically own the money you have in the bank? or do you use debit/credit cards and electronic transfers to access it and spend it.

as for crypto being unstable it is still relatively new concept that needs work, I guarantee you that the same issues were initially with internet, PCs, credit cards and every single thing that was technologically new. Crypto is not some kind of investment tetris game, if you start reading about new projects such as Internet of Things and how use of crypto is going take part in it these things start making sense, but I understand that to an average person is like trying to explain electricity to somebody from the 8th century.
 
RussianBlonde said:
I understand, and fyi I dont even watch any of the crypto cows you mention, there is a difference however between mocking some youtube morons and mocking the whole crypto market.

As for "computers" what are you exactly referring to? Desktop wallets? Internet? Blockchain? Actual machinery?
How are computers supposed to die? If it internet that dies everywhere and for ever then we are fucked regardless since everything relies on electronic data today. Do you actually physically own the money you have in the bank? or do you use debit/credit cards and electronic transfers to access it and spend it.

as for crypto being unstable it is still relatively new concept that needs work, I guarantee you that the same issues were initially with internet, PCs, credit cards and every single thing that was technologically new. Crypto is not some kind of investment tetris game, if you start reading about new projects such as Internet of Things and how use of crypto is going take part in it these things start making sense, but I understand that to an average person is like trying to explain electricity to somebody from the 8th century.
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Thanks for the mature response.

And while you are correct about how everything is computerized, let's go over the ways cryptocurrency can die electronically.

1. Your bitcoin wallet becomes unavailable due to a hard drive crash, wipe, or some other unfortunate incident.

2. The blockchain data gets corrupted at some point and at some point everyone has gobbledegook for records.

3. Your bitcoins are stolen via external or internal means, for which, unlike many real world funds, there is no insurance for.


Just these three methods of getting screwed means there are grave weaknesses in the concept.


Let's contrast to real world money:


1. Losing your IRL wallet does not necessarily mean losing all your funds, just what was in the wallet, and so long as you took the precaution of freezing your credit cards and other information contained in your IRL wallet, financial damage is minimal to nil.

If you lose your bitcoin wallets, you're screwed period.

2. IRL Financial records these days have both a paper and electronic trail, and are given all sorts of redundant backups both tangible and electronic.

Bitcoin records exist only on computers. The blockchain goes to pot, everyone who depends on the data on it is SOL.

3. There are various means of insuring your money against theft in the real world, even agencies that will reimburse you for losses if you prepared in advance. No such security exists with bitcoins. You lose them, you almost never can retrieve them.
 
GethN7 said:
Thanks for the mature response.

And while you are correct about how everything is computerized, let's go over the ways cryptocurrency can die electronically.

1. Your bitcoin wallet becomes unavailable due to a hard drive crash, wipe, or some other unfortunate incident.

2. The blockchain data gets corrupted at some point and at some point everyone has gobbledegook for records.

3. Your bitcoins are stolen via external or internal means, for which, unlike many real world funds, there is no insurance for.


Just these three methods of getting screwed means there are grave weaknesses in the concept.


Let's contrast to real world money:


1. Losing your IRL wallet does not necessarily mean losing all your funds, just what was in the wallet, and so long as you took the precaution of freezing your credit cards and other information contained in your IRL wallet, financial damage is minimal to nil.

If you lose your bitcoin wallets, you're screwed period.

2. IRL Financial records these days have both a paper and electronic trail, and are given all sorts of redundant backups both tangible and electronic.

Bitcoin records exist only on computers. The blockchain goes to pot, everyone who depends on the data on it is SOL.

3. There are various means of insuring your money against theft in the real world, even agencies that will reimburse you for losses if you prepared in advance. No such security exists with bitcoins. You lose them, you almost never can retrieve them.
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you make some very good points and they should be addressed for the future of crypto and scrytpo currency. so far though, this looks like something that isn't those currencies' fault inherently. this could change
 
RussianBlonde said:
I understand, and fyi I dont even watch any of the crypto cows you mention, there is a difference however between mocking some youtube morons and mocking the whole crypto market.
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The main problem with crypto is really the immense amount of entropy it generates, outsized to its value, and often from electricity that's literally stolen off the grid by Chinese mafia types.

If we could tie it to some kind of actually useful computational purpose like protein folding that is already done with distributed computing, and somehow retain the proof-of-work mechanic, it would be a lot less inadvertently malevolent.

The problem is harder than it sounds, though.
 
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